all time high in danger today, page-3

I think the lowest point ZFX hit was 14.20, so that would have been a good point to buy. Personally, I missed it. I was moving capital from Germany to Aus and there was a stuff up and I missed it this time (Yes I am fkn spewing). I refrained from buying at 15 because I hate paying too much and copper really got my attention.

I think if you have it hold for now but be aware of the following, which may have an impact next week and fear not I will be back in at some point between now and the end of the year. January is a ripper for zinc and China will need to replinish stockplies run down now, in January. If your still looking to buy, I would off hold for a few weeks. Still plenty of time to get set.

The article.

http://www.bloomberg.com/apps/news?pid=20601012&sid=ajqD0cAe5dc0&refer=commodities

Copper May Drop Next Week as Metal Demand Slows in China, U.S.

By Chanyaporn Chanjaroen and Millie Munshi

Nov. 24 (Bloomberg) -- Copper may drop next week on speculation that demand will keep slowing in China and the U.S., the world's two largest consumers of the metal.

Thirteen of 23 analysts, investors and traders surveyed by Bloomberg yesterday and Nov. 22 forecast copper will decline next week. Nine expected a gain and one little change.

Consumption in China fell 6.9 percent in the nine months to September, the World Bureau of Metal Statistics said Nov. 22. Usage in the U.S. is ``depressed,'' the Lisbon-based International Copper Study Group said last week.

``The demand just isn't there,'' said Warren Gelman, president of Kataman Metals Inc., a trading company in St. Louis. ``With the lack of any major business going on between now and the end of the year, this market has to come off.''

Housing starts in the U.S., the second-biggest copper user after China, fell to a six-year low in October as falling home sales and swollen inventory discouraged construction. The building industry is the nation's largest consumer of copper, with the average house containing about 400 pounds of copper.

Copper has declined 20 percent since trading at a record $8,800 in London May 11. Chinese copper imports were 1.7 million tons in the first 10 months of the year, 22 percent less than a year earlier. Imports have been falling since October 2005.

Chinese reliance on copper imports will drop as domestic production rises 12 percent this year, China Minmetals Corp., the nation's largest metals trader, said earlier this month. Declining demand in China and the U.S. tipped the global market into a surplus of 228,000 metric tons in the nine months to September, the Hertfordshire, England-base WBMS said.

Housing Slowdown

Copper for delivery in three months on the London Metal Exchange gained $90, or 1.3 percent, to $7,070 a metric ton as of 7:24 a.m. local time. It has risen 4 percent this week.

On the Comex division of the New York Mercantile Exchange, copper for March delivery rose 2 percent to $3.197 a pound in after-hours electronic trading. Copper for delivery in January on the Shanghai Futures Exchange added 2.8 percent to close at 65,690 yuan ($8,363) a ton. Chinese prices include 17 percent tax and 2 percent duty.

The U.S. house market is slowing after the Federal Reserve raised borrowing costs for two years through June, lifting the target rate for overnight loans between banks to 5.25 percent

``It's very difficult for copper to rise in an environment where interest rates are higher and there are slower economic factors,'' said Ron Goodis, retail trading director at Equidex Brokerage Group Inc. in Closter, New Jersey.

Global demand for copper still rose 2 percent in the first nine months of 2006, according to the WBMS. The metal's rally may not be over because of tight supply, Richard Adkerson, Chief Executive Officer of New Orleans-based copper miner Freeport- McMoRan Copper & Gold Inc., said Nov. 20.

Analysts at Citigroup Inc., the biggest U.S. bank, said the same day that the ``super cycle'' in metals is still intact, with the so-called fundamentals of supply and demand keeping prices for copper above historical averages.

Investors surveyed by Bloomberg who expected prices to rise cited gains in the amount of LME copper stockpiles bought and due for future deliveries, known as canceled warrants. Canceled warrants have tripled to 21,025 tons in the past week, the highest level since June 8. That metal is in South Korea and Singapore, in the nearest LME-registered warehouses to China.